What is the difference bewtween the two and what is the purpose?

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Originally Posted by truong81

What is the difference bewtween the two and what is the purpose?

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I was given a Special Warranty Deed (a rather new type of Deed) by the bank that I sued in a complicated action. It basically states that they have Limited Liability regarding the Title of the property. A Warranty Deed states that the Seller Warrants that it is a clear Title. You can go back to the Seller if something arises from their actions that "Cloud Title". I would think it is rare to wind up with a Special Warranty Deed. Incidentally, the Bank that I sued and the Title Company along with it, paid my legal fees and settled after the third day in court, just before it was my turn on the stand. It took 2 1/2 years and totaled over $350,000 in legal fees on all sides. (I had to sign a non-disclosure so I can't say much more than that.) They believed I would simply "go away" if they dragged it out. It's important to know, that Banks have a great deal of liability and you can win if you stick with it. Do not ever cry a tear for a Bank

There are several types of warranties, a quitclaim deed merely says that you are giving or signing over your ownership of the property if you have it. It does not say you own the property, it does not say you promice to do anything if there are unknown liens There is no warranty or promise what so ever.

A warranty deed gives a lot of promises that you own the property and that you will protect the deed against any legal action.

Special or limited waranty deeds only give some of the promises of a warranty deed, it may only promice you own the property, or promise there is no currents lien not mentioned.

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Originally Posted by truong81

What is the difference bewtween the two and what is the purpose?

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A warranty deed drawn up 10 years prior to the sale of real estate states that 3 parties have a percent of the property. On the settlement sheet only one name appears what does that do for the others?

You don't give enough information to figure this one out. If a Warranty Deed was Filed with the Court that had three people as owner, it would take all three people to sign and sell a property. If it was never filed, then the escrow company would have no way of knowing of the other owners. Ask the Escrow company or the Title company what is going on.

What is a special covenant deed?

What is a special covenant deed